H.R. 526 · 119th Congress
Declaration of Energy Independence Act
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R
OglesSponsor8 cosponsors · 8 R
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill reduces certain royalty rates, minimum bids, rental rates, and fees for onshore oil and gas leases on federal lands and modifies related leasing procedures.
What it does: CRS summary · Introduced in House · Jan 16, 2025
Declaration of Energy Independence Act
This bill reduces certain royalty rates, minimum bids, rental rates, and fees for onshore oil and gas leases on federal lands and modifies related leasing procedures.
Specifically, the bill (1) decreases the royalty rate from 16 2/3% to 12 1/2% for developing oil and gas on federal lands, (2) lowers the minimum bid amount from $10.00 to $2.00 per acre for oil and gas leases on federal lands, and (3) decreases the rental rates from a maximum of $15.00 per acre to $1.50 per acre for the first five years and $2.00 per acre thereafter. The bill also eliminates the fee for expressing interest in a lease.
It also modifies leasing procedures to provide for noncompetitive leasing under certain circumstances.
In addition, the bill modifies the conditions for the reinstatement of leases that have been cancelled or terminated, including by reducing the applicable royalty and rental rates.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Declaration of Energy Independence Act
Latest action (Jan 16, 2025): Referred to the House Committee on Natural Resources.
Policy area: Energy · Origin: House · Introduced: Jan 16, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.